| With the nation so heavily in debt, it is not surprising | | | | But after money is borrowed, it must be repaid. Luckily, |
| that even college graduates start life with the burden | | | | besides college loans there are grants as well, and |
| of loans they have taken to cover their college | | | | they do not have to be repaid. But grants can |
| expenses. | | | | compensate for only a small portion of college |
| It is estimated that about 50% of recent college | | | | expenses. |
| graduates have resorted to student loans, the average | | | | What is worse, college loan debt affects your credit |
| amount being approximately USD 10,000. Statistics | | | | rating. If your student loan debt is more than 8% of |
| show that the average cost of college increases at | | | | your income, do not be surprised if you have difficulties |
| twice the rate of inflation, so it can be predicted that | | | | in obtaining new loans. |
| people will borrow more money to go to college. | | | | So, what do you do with your college loan debts? |
| College debt is hardly surprising, when attending the | | | | There are several possibilities - start repaying them, |
| average public school costs about USD 13,000 a year, | | | | see if you are eligible for loan forgiveness, consolidate |
| and private schools are two times more expensive. | | | | them or refinance. These are the ways to get out of |
| For a family with two or three kids this amount is not | | | | debt - declaring a personal bankruptcy is not a solution |
| affordable, unless the money can be borrowed from | | | | because most college loans cannot be forgiven |
| somewhere. | | | | through bankruptcy. |